Press Releases

Sills Cummis & Gross Served as Special Counsel in Historic Higher Education Restructuring

November 07, 2013

In July of 2013, the Firm concluded
a complex engagement regarding the Governor’s historic higher education
restructuring in New Jersey (codified by the legislature in the New Jersey
Medical and Health Sciences Education Restructuring Act). The University of
Medicine and Dentistry of New Jersey was dissolved with certain components of it
transferred to Rutgers, The State University of New Jersey. University
Hospital became a free-standing entity and instrumentality of the State.
We represented the State Treasurer as special counsel and were involved in
numerous aspects of this multi-layered transaction. It was announced recently
by The Bond Buyer (the newspaper of public finance) that the transaction
financing was the deal of the year for the healthcare sector and that the
transaction itself represented one of the largest higher education
restructurings in U.S. history.